Ripple Retraces and Finds Support Above $1.10 as Sellers Threaten to Short

[Rockalo]

Over the past 48 hours, Ripple (XRP) has been in a downtrend. Today, XRP fell to a low of $1.082 after failing to break above the $1.20 resistance level. The altcoin has retreated to support above the 50-day line SMA.

At the time of writing, Ripple is still trading in the bullish trend zone. It is likely that altcoin will continue its uptrend and retest resistance at $1.20. A break above this resistance will drive XRP to the previous high of $1.40.

However, if selling pressure continues and price breaks below the 50-day line SMA, XRP will fall and resume the downward correction between the moving averages. However, if the selling pressure continues above the 21-day line SMA, it suggests that XRP intends to reach the previous low at $0.85. Meanwhile, the bears are still struggling to break the 50-day line SMA or support at $1.10. More information please click here